Personal loans, compared across 40+ lenders
Whether you're consolidating debt, renovating, or covering a big expense, we find a loan that fits your goals and your budget, then handle the comparison and paperwork for you.
What you can use it for
Debt consolidation
Home improvements & repairs
Medical & dental
Travel, weddings & education
Choose the right loan
Unsecured: no asset needed, simple to arrange
Secured: backed by a car or caravan, often with a lower rate
What we look at
We compare the loan amount, interest rate, term and fees, so you can see the true cost before you commit. Borrow only what you need and choose a term that suits your repayments.
How a personal loan works with us
A personal loan gives you a lump sum that you repay in regular instalments over a fixed term, usually one to seven years. Instead of applying with one bank and hoping it says yes, you tell us what you need once. We look at your income, expenses and credit history, compare suitable lenders on our panel, and recommend the one that fits. You see the rate, fees, term and repayments before anything is submitted.
Secured or unsecured?
An unsecured loan doesn't need an asset as security, so it's quick to arrange and suits smaller amounts. A secured loan uses a car, caravan or other asset as security, which usually means a lower rate and a higher limit. If you're buying a vehicle, a secured car loan is often the cheaper option; see our car, truck and equipment finance page.
What lenders look at
- Your income and how long you've been in your job
- Existing debts, credit card limits and living expenses
- Your credit history (Equifax scores run from 0 to 1,200)
- What the loan is for and how much you need
A lower score, past defaults or casual income don't always rule you out. Some specialist lenders on our panel assess these situations. We'll tell you what's realistic before an application goes in, so your credit file isn't hit with enquiries that go nowhere.
What people use personal loans for
Lenders don't usually have a separate ‘wedding loan’ or ‘medical loan’. These are personal loans, and the lender looks at your income, expenses and credit history the same way whatever the purpose. They'll still ask what the money is for, because they need to check the loan suits you.
Weddings
Set your budget first and borrow only what you need. A smaller loan over a shorter term costs less in interest.
Medical, dental and IVF
For costs that Medicare or your health fund don't fully cover. Ask your provider about payment plans too, and compare the total cost before you decide.
Travel
Pick a term that has the trip paid off soon after you're home, rather than repaying it for years.
Solar panels and batteries
Some lenders offer lower green rates for solar, batteries and other energy-saving upgrades. Check which rebates you're eligible for first.
Home improvements and repairs
Renovations, a new kitchen or bathroom, or urgent repairs. Get quotes before you apply, so you borrow the right amount.
A car, caravan or boat
A secured loan, with the vehicle as security, usually has a lower rate than an unsecured personal loan. See car loans and caravan and boat finance.
Consolidating debt
Rolling credit cards, buy now pay later and other personal debts into one loan can make repayments simpler and cut the interest you pay. It only helps if the new loan costs less overall. We compare the total cost, not just the monthly repayment, and show you the difference.
The process
- Tell us what you need, using the quote tool above or by calling 03 9088 3384.
- We compare lenders and recommend one, with the rate, fees and repayments in writing.
- You send your documents: ID, recent payslips and bank statements.
- Once approved, you sign electronically and the funds are paid to you, or straight to your creditors if you're consolidating.
Personal loan FAQs
How much can I borrow?
It depends on your income, expenses and whether the loan is secured. Most personal loans on our panel range from a few thousand dollars up to around $100,000.
How long does it take?
Many personal loans are approved within 24 to 48 hours of us receiving your documents. Funds usually follow within a day or two of signing.
Can I pay my loan off early?
Most lenders allow extra repayments, and some charge an early payout fee. We'll tell you which applies before you sign.
Can I get a personal loan with bad credit?
Often, yes. Specialist lenders consider past defaults and lower scores, usually at a higher rate. We'll be honest about whether applying is worth it.
Does it cost anything to use you?
We may charge a broker fee, and we receive commission from the lender. Both are shown in your quote and our Credit Guide before you go ahead.
General information only. It doesn't take into account your objectives, financial situation or needs. Credit criteria, fees and charges apply. My Finance Hub is a Credit Representative (553769) of Purple Circle Financial Services (Australian Credit Licence 486112).